Calculate how much you need in your emergency fund and create a plan to get there.
Your Target
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Current Savings
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Still Needed
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Enter your essential monthly expenses only (what you'd need to survive if you lost income).
How much can you save toward your emergency fund each month?
Answer these questions to get a personalized recommendation:
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Reach in
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Best choice. FDIC insured, earns 4-5% APY (2024 rates), instant access. Keep it separate from checking to avoid temptation.
Similar to savings but may offer check-writing. Slightly higher rates sometimes. Good if you want more access options.
Ultra-safe government-backed. I-Bonds protect against inflation. Less liquid - better for the portion you won't need immediately.
Not for emergency funds. Too volatile. You might need money during a market crash when values are down.
Not emergencies: Sales, vacations, new phones, or foreseeable expenses (save separately for these).
Build a starter emergency fund of $1,000-$2,000 first. This prevents new debt when emergencies happen. Then attack high-interest debt aggressively. Once debt is paid off, build the full emergency fund.
Credit cards charge 15-25% interest. Using them for emergencies starts a debt spiral. An emergency fund means you handle crises without going into debt or paying interest.
3 months is the minimum baseline. If you have stable employment, dual income, and an in-demand skill set, 3 months may suffice. If you're self-employed, single income, or in a volatile industry, aim for 6-12 months.